I see little difference between this crisis and the mortage crisis in the USA in 2008.
Banks exploit the hobo to take up loans they can't pay back. The only way banks can print money is by giving out loans.
They get bailed out anyway, so there is really no risk even if the hobo can't pay it back. ( stabilizing feedback loop broken )
In the case of Greece, they take up huge loans and buy lots of stuff... like weapons from germany?.
So Germany and others keeps all the money, while greece keeps all the debt.
You'd think not having your own central bank would prevent the hobo greek from printing so much they ruin their economy.
This time they had LOTS of help to pull this off. In fact it would be much better if they had their own currency.
This would provide a feedback mechanism making sure their purchasing power would go down if they printed too much. But the Euro won't budge even if they spend a ton.
The Greeks are so bad bla bla.. but on average they don't have a low retirement age nor high pensions and they work more than most other EU countries. So yeah I contradict myself. Sure the politicians in Greece haven't done a good job to build their country with all those loans, so the future prospects are not great. This might explain why they are targeted first. But then again, this isn't really about the Greek. This is just a symptom of the manipulation and failure of the whole system.
Greece like the banks must be allowed to fail and go bankrupt. For a country, the debt isn't really enforcable anyway.
The debt must be deleted. Greece starts with a clean slate, a new central bank and drachma 2.0. This is the way to do it.
They don't have to leave the EU, several countries including UK don't have the Euro so this is a non argument.
Each sovereign country with it's own government MUST have their own currency. The Euro destroyed that essential feedback loop holding their spending/trade balance in check. Over time all the countries should all go back to their own currency, unless they join together under a common government/budget.
The Euro should never have been invented in the first place. It's just an instrument to make the bankers more rich and create more inequality. You can claim hindsight is 20/20 but I'm damn sure several bankers saw this coming and knew how to exploit it.